Canada-based Indicator Minerals (TSX-V:IME) said Monday it has completed the previously announced acquisition of Bluestone Resources, a company with a 100% interest in the drill-ready Mohave copper-porphyry project in Arizona.
In exchange for Bluestone, Indicator has issued around 5 million of its common shares to former Bluestone shareholders, representing an approximate 4.7% stake.
The Mohave project is located in north-western Arizona and is considered a large-scale, copper porphyry deposit with significant amounts of silver and molybdenum, Indicator said.
Bluestone has so far identified copper mineralisation over a large area of the project, with a coincident Induced Polarisation (IP) anomaly and complimentary structural features.
The geology of Mohave is thought to be analogous to the Bagdad copper-porphyry mine, which is located within 30km of the property and along the same structural trend.
Indicator said that preparations for its 4,000 metre core drilling program at the site are currently underway.